Back caption: "PAF fishing boats -- Alaska." According to "The Great Pacific American Fisheries..." (photo II.C.20), the boats are PAF Double-enders, docked at Bristol Bay, Nanek cannery. They were 30 feet long, with 8 foot beam, 20 foot mast. Motorized in 1952. See GB1939.
A mailing label is loose in the sleeve with the photo. It is cancelled "May 10, 1940" and "...cago" (Chicago?) Mailing label glued to cardboard backing is addressed to "Jacobson's Studio, 14161/2 Cornwall Ave., Bellingham, Washington" and is from "Royal Metal Mfg. Company, 175 North Michigan Blvd., Chicago, Illinois." (Cardboard backing may have no relation to photo). See GB1936.